Oman, Libya sign MoU to enhance ties in oil and gas

Tripoli: OQ Exploration and Production (OQEP) Company signed a memorandum of understanding in the Libyan capital, Tripoli, with the Libyan Investment Authority, in a step that reflects the depth of the existing cooperation relations between the Sultanate of Oman and the State of Libya.

The move aims to expand horizons for investment partnership in exploration and production within the oil and gas sectors.

The memorandum was signed on behalf of OQ Exploration and Production by Ashraf Hamad Al Maamari, Chairman of the Board of Directors of the company, and on the Libyan side by Dr. Ali Mahmoud Hassan, Chairman of the Board of Directors and CEO of the Libyan Investment Authority, in the presence of Abdul Hamid Dbeibeh, Prime Minister of the Government of National Unity in the State of Libya.

This memorandum establishes a strategic framework to explore joint investment opportunities in exploration and production activities in the oil and gas sectors in the two countries and at the international level, thereby enhancing the growth ambitions of both sides and supporting the direction towards building qualitative partnerships capable of achieving long-term economic value.

This step comes at an important stage in the journey of OQ Exploration and Production, which continues to implement its ambitious strategy for growth and international expansion by developing its asset portfolio, increasing production levels and reserves, and seizing feasible investment opportunities in promising markets. It also aligns with the company’s direction toward consolidating its presence as an Omani energy company with a growing regional and international reach.

The memorandum gains special importance in light of the transformations the energy sector is witnessing globally, and the renewed interest in investment opportunities in key production regions, foremost of which is the State of Libya, which possesses promising oil and gas resources, alongside an important strategic location in regional and international energy markets.

This cooperation allows both sides to study qualitative opportunities in the exploration and production sector, thereby supporting the diversification of growth sources and enhancing competitiveness.

This partnership is expected to contribute to supporting the company’s targets aimed at increasing reserves and production, and expanding its investment base outside the Sultanate of Oman, which will enhance its contribution to achieving sustainable economic value, supporting the targets of diversifying the national economy, and maximising the return on investments. -ONA